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FORECAST FOR CLOUD IS SUNNY IN APAC

WHY CLOUD IN ASIA-PACIFIC

Economic transformation in Asia-Pacific is being fuelled by the growth of the digital economy and the financial services industry is at the forefront of this transformation. Governments in the region including Thailand, Singapore, Australia are developing forward-looking policies that support innovation. To deliver, financial service institutions (FSIs) are partnering with cloud service providers. The rate of adoption, however, has been slowed by common misconceptions about what is permissible. Read on to get clarity on what to consider when migrating to the cloud in financial services within Asia-Pacific.

JOURNEY TO CLOUD IN 60 SECONDS

KEY STEPS FOR CLOUD ADOPTION

Full, informed stakeholder involvementA smooth cloud adoption requires informed stakeholder involvement from the outset, with decisions being based on a full understanding of the proposed cloud solution. Cloud service providers such as Microsoft take responsibility for providing detailed product and service information to assist your key decision makers.

A compliant contractCentral bank regulation and guidance stipulate mandatory terms to include in a binding cloud contract with your cloud service provider.

Appropriate engagement with central bankA successful cloud adoption requires open engagement with the central bank, not just by the financial services institution but also by the cloud service provider.

The board and senior management of the financial institution have a non-delegable duty to ensure that outsourced cloud services are conducted safely and in compliance with all applicable laws and regulations.

Reduces security threats

Critical business applications in the Cloud to increase from 2 percent in 2015 to 45 percent in 2025.

Ongoing instances of cyber attacks.

The 2016 top 3 threats as listed by Cloud Security Alliance called Treacherous 12 were:

Data breaches

Compromised credential and broken authentication

Hacked interfaces and APIs

Trusted third-party solution / partner

Enables third party cloud service providers to meet global and local regulations and security concerns.

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